1)Journal entries T- Accounts Common Stock Common Stock dividends distributable Paid in capital in excess of par - common stock Retained earnings Cash dividends 235,776 $483,144 Stockholders equity Common stock (145920 shares @11) $1,605,120 Paid in capital in excess of par- common stock 246,060 Total paid in capital $1,851,180 Add: Retained earnings 483,144 Total Stockholder\'s equity $4,185,504DateDescriptionDebitCreditFeb1Dividends$192,000To Dividends payable( 64,000@3)$192,000March 1Dividends payable$192,000To Cash$192,000April 1No Entry(64,000*2 = 128,000 shares @11July 1Stock dividends(128000@14%@14)$250,880To Stock dividend distributable(17,920@11)$197,120To Addittional paid in capital$ 53,760July 31Stock dividend distributable$197,120To Common stock$197,120Dec 1Dividend$43,776To dividend payable(128,000+17920 ) .30$43,776Dec 31Income summary$371,000To Retained earnings$371,000Retained earnings$250,880To Stock dividends$250,880Retained earnings$235,776To dividends$235,776 Solution 1)Journal entries T- Accounts Common Stock Common Stock dividends distributable Paid in capital in excess of par - common stock Retained earnings Cash dividends 235,776 $483,144 Stockholders equity Common stock (145920 shares @11) $1,605,120 Paid in capital in excess of par- common stock 246,060 Total paid in capital $1,851,180 Add: Retained earnings 483,144 Total Stockholder\'s equity $4,185,504DateDescriptionDebitCreditFeb1Dividends$192,000To Dividends payable( 64,000@3)$192,000March 1Dividends payable$192,000To Cash$192,000April 1No Entry(64,000*2 = 128,000 shares @11July 1Stock dividends(128000@14%@14)$250,880To Stock dividend distributable(17,920@11)$197,120To Addittional paid in capital$ 53,760July 31Stock dividend distributable$197,120To Common stock$197,120Dec 1Dividend$43,776To dividend payable(128,000+17920 ) .30$43,776Dec 31Income summary$371,000To Retained earnings$371,000Retained earnings$250,880To Stock dividends$250,880Retained earnings$235,776To dividends$235,776.

1. 1)Journal entries
T- Accounts
Common Stock
Common Stock dividends distributable
Paid in capital in excess of par - common stock
Retained earnings
Cash dividends 235,776 $483,144
Stockholders equity
Common stock (145920 shares @11) $1,605,120
Paid in capital in excess of par- common stock 246,060
Total paid in capital $1,851,180
Add: Retained earnings 483,144
Total Stockholder's equity
$4,185,504DateDescriptionDebitCreditFeb1Dividends$192,000To Dividends payable(
64,000@3)$192,000March 1Dividends payable$192,000To Cash$192,000April 1No
Entry(64,000*2 = 128,000 shares @11July 1Stock dividends(128000@14%@14)$250,880To
Stock dividend distributable(17,920@11)$197,120To Addittional paid in capital$ 53,760July
31Stock dividend distributable$197,120To Common stock$197,120Dec 1Dividend$43,776To
dividend payable(128,000+17920 ) .30$43,776Dec 31Income summary$371,000To Retained
earnings$371,000Retained earnings$250,880To Stock dividends$250,880Retained
earnings$235,776To dividends$235,776
Solution
1)Journal entries
T- Accounts
Common Stock
Common Stock dividends distributable
Paid in capital in excess of par - common stock
Retained earnings
Cash dividends 235,776 $483,144
Stockholders equity
Common stock (145920 shares @11) $1,605,120
Paid in capital in excess of par- common stock 246,060
Total paid in capital $1,851,180

2. Add: Retained earnings 483,144
Total Stockholder's equity
$4,185,504DateDescriptionDebitCreditFeb1Dividends$192,000To Dividends payable(
64,000@3)$192,000March 1Dividends payable$192,000To Cash$192,000April 1No
Entry(64,000*2 = 128,000 shares @11July 1Stock dividends(128000@14%@14)$250,880To
Stock dividend distributable(17,920@11)$197,120To Addittional paid in capital$ 53,760July
31Stock dividend distributable$197,120To Common stock$197,120Dec 1Dividend$43,776To
dividend payable(128,000+17920 ) .30$43,776Dec 31Income summary$371,000To Retained
earnings$371,000Retained earnings$250,880To Stock dividends$250,880Retained
earnings$235,776To dividends$235,776